Bussiness
Canadian Western Bank shares soar after National Bank tie-up announced
Shares of Canadian Western Bank CWB-T surged 70 per cent in early trading after it announced that it had struck an all-stock deal to be acquired by National Bank of Canada NA-T in an agreement that valued it at about $5-billion.
CWB shares were up $17.61 at $42.50 on the Toronto Stock Exchange on Wednesday. National Bank shares were down $6.31 at $110.03.
The deal announced after the close of trading on Tuesday will see Quebec-focused National Bank expand its geographic reach in Alberta and British Columbia, where CWB is concentrated.
CWB is expected to maintain its branch locations as well as its Edmonton-based leadership and operations.
The deal comes just months after Royal Bank closed its $13.5-billion purchase of HSBC Canada in the country’s largest-ever domestic banking deal.
The deal is subject to shareholder and regulatory approval and expected to close by the end of 2025.
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